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Home Equity Credit Line                                                                                                                             

A home equity credit line has an interest rate tied to the Prime Rate and allows you to take home equity out of a property. You incur interest costs only on the home equity taken out. An interest only Home Equity Credit Line will lower your payment. For difficult to verify income, a stated income Home Equity Credit Line is available. A Home Equity Credit Line with no closing costs is available as well.

A major advantage of the home equity credit line is that your interest costs are generally tax deductible. A comparison between the after tax costs of the home equity credit line and any consumer loan should be done before any major purchase. Please give me a call if you need help with the calculation.

We can lend up to 100% of the home equity in your home but understand that the interest rate will be somewhat higher if your home equity credit line is over 90%(combined first trust and home equity credit line) of the value of the property. We will allow up to a 50% home equity credit line Debt to Income ratio (DTI) with good credit.

Common uses of a Home Equity Credit Line

  • Debt Consolidation Home Equity Credit Line. If your other debt is too much you may dramatically reduce your monthly payments. See the calculator below for an idea of how much you could save.

  • Finance a Major Purchase. If a new car or boat is in your future, you may want to compare payments.

  • Children's Education. Many people find a home equity line the most logical way to pay for their children's education. Exactly what I did when my son went to college and I saved a lot of money compared to any other option.

  • Property Purchase. If you are considering either an investment in income producing real estate or a vacation home, it may make more sense to unlock the equity in your home rather than move the cash from other investments which are doing well for you. Please see my pages on Investment Property or Vacation Homes for more information.

Read more about Home Equity Credit Line Closing Costs

Learn more about the tax considerations of a home equity credit line

I have also included a page on how to calculate your qualification ratios.

I have also included a page on documentation requirements.

Learn about the differences between home equity loans and lines

Wet offer you the ability to qualify and close into several unique mortgage programs which accommodate borrowers with non traditional income or asset situations. 

* I have included a section on the new Cash Flow ARMS. A LIBOR based product which gives you complete flexibility in managing your mortgage.

The new Asset Manager is a creative product which gives you complete control over your mortgage as well.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

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I hope the information on this page has been useful to you. Please scroll down to view my Mortgage Market Guide. It is a weekly publication explaining the financial markets from a consumer's perspective that is available both on this website or by email subscription. I have nearly 8,000 subscribers today and would be happy to have you as well.

Home Equity Credit LinePrequalify for your Home Equity Credit Line

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